McLeod Russel’s 2010-11 net profit up 7 percent

Kolkata, May 30 (IANS) The world’s largest tea producer, McLeod Russel India Limited Monday announced that it has posted a consolidated net profit of Rs.246.47 crore last fiscal (2010-11) compared to Rs.230.92 crore in the fiscal before, registering an increase of seven percent.

The company’s EBTIDA (earnings before interest, taxes, depreciation, and amortisation) stood at Rs.380.11 crore in 2010-11 as against Rs.367 crore in the year before, showing a rise of four percent.

“Consolidated sales quantity for last fiscal was up by 12.1 million kg to 94.7 million kg from 82.6 million kg pervious year,” said managing director Aditya Khitan, announcing the financial results of the company.

Informing that consolidated production of the company stood at 96.3 million kg in the last financial year, he said production target for this fiscal was 102 million kg.

“Our production target for this financial year is 80 million kg from India, 4.5 million kg from Vietnam, 15.5 million kg from Uganda and 2 million kg from Rwanda,” he said.

He said McLeod Russel Uganda Limited (MRUL) had sold and exported 16.5 million kg at an average price of $1.84 per kg and achieved turnover of $30 million in the first year of operation under McLeod Russel Group.

Phu Ben Tea Company in Vietnam has sold and exported 4.3 million kg of tea at an average price of $1.82 per kg last fiscal, he added.

The company has also acquired a Vietnamese tea company, Phu Ben, through its wholly-owned unit in Britain, Borelli Tea Holdings.